First Resources (SGX:EB5) through its majority-owned subsidiary, PT Ciliandra Perkasa, agreed to acquire a 91.17% stake in Indonesia-listed oil palm plantation company Austindo Nusantara Jaya (IDX:ANJT).
The purchase consideration for the sale shares is $329.8 million and will be funded by financing arrangements, according to a filing with the Singapore Exchange on Tuesday.
Upon completion of the transaction, Ciliandra Perkasa will be obliged to conduct a mandatory tender offer to acquire the remaining 8.83% stake in the target company.
The acquisition will allow the company to expand its upstream oil palm plantation footprint.
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